Cardiff-based IFA Penguin Wealth has launched an online retirement planning advice service aimed at lower-net-worth consumers.
The regulated advice service is offered via website www.increaseyourpension.co.uk under the Get Financial Advice (GFA) brand, a trading name of Penguin.
It launched last month with the backing of the Welsh Assembly by means of an £85,000 grant, and is designed to help clients who would otherwise be priced out of financial advice.
Financial planner at Penguin, Craig Palfrey, said customers receive a free report on their retirement circumstances following an over-the-phone conversation with one of GFA's regulated advisers, and are charged for transactions only.
The website is one of four planned for launch by Penguin in 2014, covering a range of financial services issues including family protection and planning, as well as investment funds.
GFA, the distribution brand created by Penguin Wealth, will provide the advisory services and has committed to creating between 10 and 12 jobs over the next 12 to 18 months, following the launch.
Palfrey said the site allows clients approaching retirement to apply for a pension report and situation review.
He said: "Staff perform the initial work for clients over the phone at no cost to start things off. That might change as the model moves on but, to start with, clients receive a free pensions report and review of their circumstances. If they then want to transact, the costs are disclosed in the report.
"It is about fixed term annuities and about letting people know that, when they get to retirement, they do not have to buy an annuity, there are other options. We are campaigning for everyone approaching retirement to get a report detailing their options."
Pension minister Steve Webb recently said pensioners should be able to switch their annuity contract in a similar way to switching mortgages, a comparison which was branded ‘misleading' by some experts.
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